Slide 1: Investor Presentation Q4 FY26
Investor Presentation Q4 FY26 May 2026 www.cubehighwaystrust.com
Slide 2: Disclaimer
Disclaimer This presentation is prepared and issued by Cube Highways Fund Advisors Pvt. Ltd. ("CHFAPL") (the “Investment Manager”) on behalf of and in its capacity as the Investment Manager of Cube Highways Trust (“InvIT”) for general information purposes only without regard to specific objectives,
Slide 3: Agenda
Agenda 04 Executive Summary 10 Operating Performance 14 Debt and Financing 18 NDCF, Distribution, Valuation & Unitholding 24 Environment, Social & Governance 27 Industry and Sector Updates 33 Annexures 3
Slide 4: Executive Summary
& CUBEIGHWAYS O 1 Executive \>), 5 | Summary Pie Ypeatece: Ue
Slide 5: Inside FY26: A Look Back
Inside FY26: A Look Back + 14% YoY + 3.2% INR 13.77 66 bps AUM Growth Toll Revenue Outperformance FY26 DPU Reduction in Cost of Debt INR 322.66 Bn INR 368.42 Bn Compared to revenue projections Highest annual distribution since 8.19%2 7.53% as per valuation1 listing (weighted average cost of debt) Gr
Slide 6: Portfolio Snapshot
Portfolio Snapshot 27 26 As on March 31, 2026, unless stated otherwise Cube InvIT offers a de-risked, diversified portfolio with steady cash flows 3 27 368.42 85% : 15% 15 14 ASSETS(1) AUM (INR BN)(4) TOLL AUM : ANNUITY AUM 17 18 TOLL, 6 HAM & 3 (for 27 InvIT assets) (for 27 InvIT assets)(1) 1 2 16
Slide 7: Snapshot of FY26 Performance
Snapshot of FY26 Performance As on March 31, 2026, unless stated otherwise Cube InvIT has delivered strong returns, supported by robust growth, and a stable, AAA-rated credit profile backed by disciplined financial management Investor Returns Portfolio Strength Debt & Credit Profile INR 3.57 INR 13.
Slide 8: Q4 FY26 Highlights (1/2)
Q4 FY26 Highlights (1/2) As on March 31, 2026, unless stated otherwise Strong Revenue • Revenue from operations rose 28.17% YoY to INR 42,389 Mn1, with total consolidated income at INR 43,590 Mn & Traffic • Q4 portfolio traffic grew by 9.2% YoY resulting in a toll revenue growth of 10.8% YoY Perform
Slide 9: Q4 FY26 Highlights (2/2)
Q4 FY26 Highlights (2/2) As on March 31, 2026 unless stated otherwise Traffic Highlights • GAEPL recorded the highest traffic growth in the portfolio at 31% in Q4 FY26 (YoY) and ~23% on a full-year basis, driven by strong passenger vehicle growth, and commissioning of two logistics parks and a cemen
Slide 10: Operating Performance
CUBEAIGHWAYS O2 Operating Performance
Slide 11: Traffic & Revenue Performance Snapshot (Toll Assets)
Traffic & Revenue Performance Snapshot (Toll Assets) Revenue & Traffic Performance Snapshot: Q4 FY26 v/s Q4 FY25 Traffic Growth - Q4 FY26 10.8% 10.6% 40.0% 34% Revenue Growth - Q4 FY26 Q4 FY26 FY26 31% 24% 30.0% 17% 23% 15% 17% 17% 17% 17% 14% 13% 14% 14% Toll Revenue Growth (YoY)1 20.0% 8% 13% 13%
Slide 12: Annuity Receipts
Annuity Receipts All annuities amounting to INR 16.2 Bn due in FY26 have been received *Figures in INR million SPVs Q1 (A) Q2 (A) Q3 (A) Q4 (A) FY 2026 (A) Annuity Snapshot 486.8 √ 464.3 √ 951.1 SIPL 9 Due: May 26 | Received: Jun 30 Due: Nov 26 | Received: Dec 21 Annuity Assets (6 HAM + 3 BOT- Annui
Slide 13: Major Maintenance
Major Maintenance Major maintenance planned for FY26 in two assets carried out as per schedule and within budget *Figures in INR mn S. SPV Length for MM Start Date End Date Initial Budget (as per Revised Potential Utilization in No. works (km) Valuation Report on Budget Savings FY26 March 31, 2025)
Slide 14: Debt and Financing
NN] AIGHWAYS TRUST. Debt and Financing
Slide 15: Strong Balance Sheet and Financing
Strong Balance Sheet and Financing As on March 31, 2026, unless stated otherwise Key Metrics Gross Borrowings5 (INR billions) Lender-wise Borrowings – Term Loan 7.49% 25% 46.82% Promoters fund Axis ICICI Cost of Debt Fixed Rate Net Debt/ AUM2 0.09% 11% 1% (for consolidated borrowing NCD borrowings)1
Slide 16: Repayment Profile
Repayment Profile InvIT maintains strong DSCR of 1.99x levels and a well-staggered debt portfolio, with diversified maturities and repayment cycles 20.0 Repayment Schedule (INR billions) 18.0 16.2 15.6 16.0 14.0 2.2 13.1 7.3 11.6 11.9 11.6 12.0 11.1 11.1 2.3 10.6 10.3 0.2 1.7 10.0 6.8 3.0 3.0 9.1 9.
Slide 17: Portfolio Performance
Tracking Portfolio Growth FY24 FY25 FY26 Portfolio Strength AUM INR 258.11 Bn INR 322.66 Bn 25% INR 368.42 Bn 14% Revenue from INR 29.16 Bn INR 33.07 Bn INR 42.39 Bn Operations2 13% 28% No. of Assets 18 25 27 Net Debt/AUM 33.65% 44.65% 46.82% Portfolio Performance Share of Fixed rate borrowings 11%
Slide 18: NDCF, Distribution, Valuation & Unitholding
04 NDCF, Distribution, Valuation & Unitholding 18
Slide 19: Net Distributable Cash Flow and Distributions: FY26
Net Distributable Cash Flow and Distributions: FY26 60,000 (In INR Mn) Rounded off to zero decimals 50,000 Inflows forming part of NDCF 1,149 49,433 7,347 Outflows forming part of NDCF 14,239 Distribution 40,000 1,729 41 20,236 Others 34,045 30,000 20,000 1,758 500 1,217 1,684 13,710 17,261 1,012 16
Slide 20: Distribution History
Distribution History Declared Q4 FY26 distribution of INR 3.57 per unit, taking the cumulative distribution since listing to INR 34.86 per unit 34.86 10.09 11.00 13.77 5.00 4.50 4.10 3.94 4.00 3.75 3.60 3.57 3.50 3.25 DPU (INR/unit) 3.00 2.50 2.50 2.15 2.00 2.00 2.00 2.00 2.00 1.50 1.00 0.50 - Q1 FY
Slide 21: Valuation Summary
Valuation Summary As on March 31, 2026, for 27 Assets Valuation Summary Number of Units Particulars INR Mn Particulars INR Mn Enterprise Value (EV) 368,418 Total ordinary Units Issued 1,290 Total Debt Reclassification of Subordinate units (in July 2024) 44 177,558 Total Ordinary units 1,334 Less: Am
Slide 22: Valuation Assumptions
Valuation Assumptions As on March 31, 2026, for 27 Assets Particulars Description Revenue Assumptions Revenue growth rate of 8.8% for the overall concession life based on Traffic report from Steer (SDG – traffic consultant) Traffic : 4.7% traffic growth1 WPI : 4.1% CAGR for the overall concession li
Slide 23: Marquee Investors & Unitholding Pattern
Marquee Investors & Unitholding Pattern Trusted by Leading Investors Unitholding Pattern As on March 31, 2026 As on March 31, 2026 Top Five Public Unitholders Unitholding (%) Alternate Investment Fund, 2% Foreign Portfolio Investor, 1% BCI IRR INDIA HOLDINGS1 19.0% Trusts, 1% Financial Institutions/
Slide 24: Environment, Social & Governance
05 Environment, Social & Governance 24
Slide 25: ESG Highlights – FY26
ESG Highlights – FY26 Environment Social Energy* & Decarbonization Diversity, Equity & Inclusion 6000 MWh Women Participation 35,452 Mwh 138 Mwh Total electricity Renewable Energy I-REC Procurement 30% 8.47% consumption generated (Solar) reducing 4000 Corporate (IM & PM) Corporate and SPVs1 tCO2e**
Slide 26: Sustainability Linked Bond - KPIs Update
Sustainability Linked Bond - KPIs Update SLB Boundary : 25 InvIT SPVs, IM and PM KPI 1 KPI 2 KPI 3 Scope 1 &2 Intensity Performance and Targets Proportion of road length treated with Women Participation in overall workforce sustainable approach during major maintenance Reduction in GHG emissions 9.6
Slide 27: Industry & Sector Updates
06 Industry & Sector Updates 27
Slide 28: Macroeconomic Overview
Macroeconomic Overview Particulars Description Remarks GDP Growth Rate • The Indian economy remained resilient in FY26 with real GDP estimated to have grown • GDP growth rate of 6.5% has been considered in the by 7.6%1 (YoY) during the year, while real GVA is estimated to have grown by 7.7%; traffic
Slide 29: Road Sector Updates (1/2)
Road Sector Updates (1/2) Particulars Description Cube InvIT Remarks • The Government of India continues to accelerate its infrastructure monetization • The expanding monetization ecosystem and visible agenda, with National Highways Authority of India (NHAI) targeting monetization of highway pipelin
Slide 30: Road Sector Updates (2/2)
Road Sector Updates (2/2) Particulars Description Cube InvIT Remarks Impact of Revised • The Ministry of Road Transport and Highways (MoRTH) has revised the BOT framework • The change primarily impacts greenfield/ brownfield BOT Framework – to allow sovereign wealth funds, pension funds, infrastruct
Slide 31: National Monetization Policy
National Monetization Policy NMP 2.0 (announced in February 2026) scales India’s asset monetization ambition to INR 16.7 trillion, with roads contributing INR 4.14 trillion (~25%) and emerging as a key growth driver NMP 2.0 Sectoral Share | FY 2026 - 2030 6.0 trillion 16.7 trillion 1.6 trillion 4.1
Slide 32: InvIT Regulation Updates
InvIT Regulation Updates Particulars Description Remarks SEBI eases • On May 15, 2026, the Securities and Exchange Board of India (SEBI) notified • The amendment will improve access to debt capital for borrowing norms amendments to the SEBI (Infrastructure Investment Trusts) Regulations, 2014, capac
Slide 33: Annexures
07 Annexures 33
Slide 34: Cube Highways InvIT Structure
Cube Highways InvIT Structure Sponsors & Sponsor group1,2 Other Unitholders3 (CH-V, CH-I, CH-II, CH-III, CH-ID, CH-IV) Responsible for managing investments / portfolio and regulatory compliance in accordance with the SEBI InvIT Regulations and other applicable laws. Investment Management Trust Manag
Slide 35: Cube Vision & Mission
Cube Vision & Mission VISION MISSIONS We aspire to become the most To invest in and operate admired organization, offering a exceptional, sustainable, reliable, diversified and sustainable safe, and inclusive infrastructure portfolio comprising high quality assets that generate value for our highway
Slide 36: Milestones & Awards
AIGHWAYS ‘TRUST- Milestones & Awards
Slide 37: Cube InvIT Journey
Cube InvIT Journey Jan 24 Feb 25 April 23 National Apr 25 Feb 26 Signed share InvIT got listed Highways NHAI excellence Gold Committed acquisition of purchase on NSE and Excellence award for Excellence four sponsor assets, agreements (SPA) BSE with initial Award, 2022 for Dec 24 for acquisition of 2
Slide 38: Awards and Achievements
Awards and Achievements 2025 2025 2025 2025 Winner of Hackathon GPTW (Cube Build Infra Legal Team of 2025 on “Real-time Highways and Award for the Year at the Visualisation of NSV Cube Best O&M 14th Annual survey reports” Highways Practices Legal Era – 2025 conducted by NHAI Technologies) Indian Leg
Slide 39: Key Differentiators
AIGHWAYS ‘TRUST. Key Differentiators
Slide 40: Cube Highways Trust: Compelling and scalable investment opportunity
Cube Highways Trust: Compelling and scalable investment opportunity Dedicated GrowthCo vehicle and Strong portfolio construction ability & Integrated platform with strong Strong corporate finance strong ROFO pipeline operational know-how capabilities One of few road InvITs with a Balanced, diver
Slide 41: Irreplicable Portfolio built over the years
Irreplicable Portfolio built over the years Our Expertise Traffic Corridors Presence in nearly all of India’s most attractive and high growth traffic corridors, tracking future growth trends Traffic and toll Asset Technological Project planning Last mile Planning management management innovation and
Slide 42: Thoughtfully Constructed Portfolio
Thoughtfully Constructed Portfolio Geographic Contiguous & Balanced mix & Diversified No Premium Proven operating Long Residual Diversification resilient corridors traffic diversification Commodity Obligation track record Concession Life Boasting a varied collection Contiguous assets enable Signific
Slide 43: Technical Leadership
Technical Leadership Last-mile Construction Excellence Technology-Driven Testing Innovative Material Utilization Lifecycle Cost Management ⁻ FRHPL and DATRPL: Completed ⁻ Advanced testing techniques: Non- ⁻ Award winning surface mixes brought ⁻ Strategic Focus: A lifecycle focused remaining stretche
Slide 44: AI, ML and in-house developed application driving operational excellence
AI, ML and in-house developed application driving operational excellence Artificial intelligence / machine learning applications In-house developed applications and technology driving operational excellence Asset identification & classification Road – Aid BuildAID Accident analytics & fleet monitori
Slide 45: Sustainability Strategy
Sustainability Strategy Cube Highways prioritizes sustainability through strategic material selection and community engagement, fostering positive relationships while minimizing environmental impact. Guided by global sponsors' standards, it ensures responsible practices across all projects, cementin
Slide 46: Corporate Governance & Management Team
Corporate Governance & Management Team 46
Slide 47: Board of Directors
Board of Directors As on March 31, 2026 UPENDRA KUMAR SINHA | Independent Director HELLY BHARAT AJMERA | Non-Executive Director • He has served as the chairman of SEBI, UTI Asset Management Company • She has completed her Post-graduation in Management from Indian Institute of Limited, Association of
Slide 48: Governance Committees
Governance Committees As on March 31, 2026 Audit Nomination & Stakeholders Risk Management Operations Investment Committee Remuneration Committee Relationship Committee Committee Committee Committee Composition Composition Composition Composition Composition Composition Consists of 3 Independent Con
Slide 49: Team of Specialists
Team of Specialists Investment Manager (IM) Team Vinay C Sekar Pankaj Vasani Richa Gupta Rohatgi Abhijit S Sathe Saurabh Bansal Deepan Shah Saurabh Kumar Chief Executive Officer Group Chief Financial Compliance Officer and Joint Executive VP, Finance Joint Executive VP, Capital VP, Legal VP, Strateg
Slide 50: Team of Specialists
Team of Specialists Project Manager (PM) Team Bovin Kumar Dr. Bhagwan Raju Rahul Shankar Dr. Mukul Shastry Anuj Maitrey Neeraj Singh Sippy N Kumar Bhanoj Dokku Chief Executive Officer Chief Operating Officer Chief HR Officer General Counsel Head – Operations and Head of Routine Senior VP – VP - Stra
Slide 51: Miscellaneous
§ CUBENIGHWaYS Miscellaneous
Slide 52: Cube InvIT - Asset Portfolio (1/2)
Cube InvIT - Asset Portfolio (1/2) Project JMTPL MBEL WUPTL NDEPL FRHPL WVEPL DATRPL TOT3 GAEPL APEPL No. of SPVs 1 1 1 1 1 1 1 9 1 1 State Rajasthan Rajasthan Uttar Pradesh Karnataka West Bengal Kerala Uttar Pradesh, Jharkhand, Uttar Uttar Pradesh Andhra Pradesh, Haryana Pradesh, Bihar, Telangana T
Slide 53: Cube InvIT - Asset Portfolio (2/2)
Cube InvIT - Asset Portfolio (2/2) Geographic Stretch BWHPL MSHPL MHPL THPL SIPL SPPL NAMEPL QEPL JUHPL No. of asset 1 1 1 1 1 1 1 1 1 Andhra Pradesh, States Covered Maharashtra Maharashtra Telangana Andhra Pradesh Tamil Nadu Telangana Jammu and Kashmir Jammu and Kashmir Telangana Project Length 52.
Slide 54: Historic Traffic Trends
Historic Traffic Trends Average Daily Tollable Traffic and CAGR Cube’s toll asset portfolio exhibit strong traffic growth – 6.3% CAGR Year FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY25 FY26 Period2 CAGR JMTPL 18,698 20,179 20,923 22,704 25,333 25,532 28,367 26,61
Slide 55: Distribution, NAV & AUM History
Distribution, NAV & AUM History Particulars Units Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Distribution Per Unit INR 2.15 2.00 2.00 3.94 2.00 2.00 3.25 3.75 2.50 3.60 4.10 3.57 (DPU) Dividend INR 0.80 - - 0.20 0.22 0.01 - 0.32 - 0.54 0.77 0.27 I
Slide 56: Annual Pass Insights
Annual Pass Insights 29% 1,769 22% 1% Portfolio Adoption Rate Annual Pass Amount (INR Receivables Cars making more than two As on March 31, 2026 Mn) As on March 31, 2026 trips per calendar day Adoption rate across SPVs 50% 38% 37% 37% 40% 35% 34% 33% 33% 32% 30% 30% 28% 30% 23% 24% 20% 20% 17% 16% 1
Slide 57: Portfolio’s Traffic Composition
Portfolio’s Traffic Composition Vehicle wise share calculated based on daily average total number of tollable vehicles in Q4 FY26 Q4 FY26 Traffic Synopsis 3A Truck, 2% OSV, 0% Commercial Vehicles: Passenger vehicles: 28% 72% LCV, 5% Bus, 6% on the basis of daily average of total no. of tollable vehi
Slide 58: NCDs Issued
NCDs Issued As on March 31, 2026, unless stated otherwise Outstanding Issue Size Tenor NCDs amount Coupon Rate Debt Issuance Date Retirement Date Put/Call option (INR mn) (INR mn) (years) CUBE HIGHWAYS TRUST 7.49 NCD 15AP41 10,300 9,322 7.49% 17.8 Jun-23 Apr-41 Yes - June 2035 CUBE HIGHWAYS TRUST 7.
Slide 59: Abbreviations (1/2)
Abbreviations (1/2) Abbreviations Definition Abbreviations Definition 2A Truck 2 Axle Truck LCV Light Commercial Vehicle 3A Truck 3 Axle Truck MAV Multi-Axle Vehicle ADIA Abu Dhabi Investment Authority Mn Million ATMS Asset and Toll Management System MoRTH Ministry of Road Transport and Highways AUM
Slide 60: Abbreviations (2/2)
Abbreviations (2/2) Abbreviations Definition Abbreviations Definition CH-I Cube Highways and Infrastructure Pte. Ltd. DATRPL DA Toll Road Private Limited CH-III Cube Highways and Infrastructure III Pte. Ltd. GAEPL Ghaziabad Aligarh Expressway Private Limited CHFAPL Cube Highways Fund Advisors Privat
Slide 61: Thank you
Thank you Cube Highways Trust Correspondence Address: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301, Tel: +91-120-4868300 Email: Investor.Relations@cubehighways.com 61